Iran will probably issue €5 billion in bonds inside and outside the country aiming to provide necessary finance to develop its oil and gas industries, the National Iranian Oil Company’s managing director announced.

The bonds will be offered by the end of the current calendar year (March 20, 2012), the official added, the Mehr news agency reported.

The decision is aimed to secure a portion of the total $156 billion fund which has been envisaged by the fifth five-year development plan (2010-2015) for the energy sector.

Iran will also issue $15 billion in sukuk (Islamic Sharia-based) bonds in the current year to be invested in the domestic oil industry, oil minister Rostam Qasemi said in November.